Conversion Value (CV)
If the holders opt for conversion, is equal to the share price maturity the conversion ratio, that is, the number of equity share offered for each debentures.
If the price of share is, Rs 50 and one debenture is convertible into 5 shares (conversional value = 5), the CV = Rs 250 (Rs 50 x 5).
The value of a convertible debenture cannot be less than the SDV and CV which, in the represent its two floor values. In other words, the value of convertible debenture higher of the SDV and CV.